Blockchain
Binance cleared to operate in India, subject to a $2.25-million fine and compliance
![binance-cleared-to-operate-in-india,-subject-to-a-$2.25-million-fine-and-compliance](https://theblockchainexaminer.com/wp-content/uploads/2024/07/51548-binance-cleared-to-operate-in-india-subject-to-a-2-25-million-fine-and-compliance.png)
Binance, the world’s largest cryptocurrency exchange, received a notice on Wednesday from India’s Financial Intelligence Unit (FIU-IND), which fined it $2.25 million (₹18.8 crore) for operating without complying with domestic anti-money-laundering regulations before December 2023. This means the exchange has now been cleared to operate in India, provided it pays the fine and complies with regulations.
In its notice, FIU-IND stated that the fine was imposed “due to Binance’s ongoing provision of services to Indian clients and operations within India, without adhering to its statutory obligations under the Prevention of Money Laundering Act (PMLA), 2002.” The company was issued a notice under Section 13 of the PMLA on December 28, 2023. The notice, a copy of which Mint has seen, added, “Specific directions have been issued to Binance to ensure diligent compliance with the obligations outlined in Chapter IV of PMLA.” Entities that represented Binance before FIU-IND included its facilities in the Seychelles, Cayman Islands, and Switzerland.
On May 10, Mint reported that Binance and fellow cryptocurrency exchange Kucoin were set to be cleared to operate in India after being suspended by FIU-IND in December. Vivek Aggarwal, director of FIU-IND, told Mint last month that the exchange was under scrutiny and had made representations to the unit, which is affiliated with the finance ministry. An email sent to Binance did not elicit an immediate response.
Binance, which has no designated global headquarters, has courted controversy worldwide. In November 2023, its founder and erstwhile chief executive Changpeng Zhao pled guilty to money laundering charges by the US Securities and Exchange Commission. He subsequently stepped down as chief executive and agreed to a $4.3-billion settlement.
In November 2019, Binance had announced the acquisition of Indian crypto exchange WazirX. Zhao said at the time, “The acquisition of WazirX shows our commitment and dedication to the Indian people and strengthen the blockchain ecosystem in India.” But in August 2022, Zhao claimed his firm had never finalized a deal to acquire WazirX, days after the homegrown platform was accused of evading oversight by local agencies.
Binance’s potential return to the Indian market could mean more trouble for homegrown exchanges. India’s cryptocurrency industry has been in the doldrums since 2022, when the union government introduced a 30% tax on crypto earnings and a 1% tax deducted at source (TDS) on every crypto trade. Since then, daily average trades on India’s largest exchanges, WazirX and CoinDCX, have cratered by up to 90%. A senior executive at one of India’s top crypto firms, who did not wish to be named, said, “Given that Binance holds the world’s largest liquid reserves of crypto tokens and the largest variety of token listings, many traders are likely to resume trading on the platform or move to it. This is likely to hurt homegrown exchanges’ growth this year.”
Other stakeholders said that if Binance complies with the rules, India’s crypto market will benefit from a major player’s return. Aggarwal, however, had said in May that taxes and fines “should not be considered proof of the legitimacy of the cryptocurrency industry.” He said, “Whether cryptocurrencies are legitimate or not should depend on dedicated regulations, which are yet to be taken up by Parliament and policymakers. Adherence to laws is a base requirement of all companies that are registered in India and offer services to Indian consumers. This has nothing to do with legitimizing the crypto industry.”
Source: livemint.com
The post Binance cleared to operate in India, subject to a $2.25-million fine and compliance appeared first on HIPTHER Alerts.
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Fintech Needs to Adopt Advanced AI/ML-Powered Models
![fintech-needs-to-adopt-advanced-ai/ml-powered-models](https://theblockchainexaminer.com/wp-content/uploads/2024/07/51607-fintech-needs-to-adopt-advanced-ai-ml-powered-models.jpg)
The fintech industry is at the forefront of technological innovation, with artificial intelligence (AI) and machine learning (ML) playing a pivotal role in driving this transformation. To remain competitive and meet the evolving demands of consumers, fintech companies must adopt advanced AI/ML-powered models.
The Role of AI/ML in Fintech
AI and ML technologies have the potential to revolutionize various aspects of fintech operations, including:
- Fraud Detection: AI/ML models can analyze vast amounts of transaction data in real-time to identify and prevent fraudulent activities.
- Customer Service: AI-powered chatbots and virtual assistants can provide personalized customer service, improving customer satisfaction and reducing operational costs.
- Risk Management: ML algorithms can assess and predict risks more accurately, enabling better decision-making and risk mitigation.
- Credit Scoring: AI/ML models can analyze alternative data sources to assess creditworthiness, providing more accurate and inclusive credit scoring.
Benefits of Advanced AI/ML Models
Adopting advanced AI/ML models offers several benefits for fintech companies:
- Improved Efficiency: Automating routine tasks and processes can significantly improve operational efficiency and reduce costs.
- Enhanced Accuracy: AI/ML models can analyze data with greater accuracy and speed, leading to more informed decision-making.
- Personalized Services: AI-powered solutions can provide personalized services and recommendations, enhancing the customer experience.
- Scalability: AI/ML models can scale easily to handle increasing volumes of data and transactions, supporting business growth.
Challenges and Considerations
Implementing advanced AI/ML models also presents challenges, including:
- Data Quality: Ensuring the availability of high-quality data is crucial for the effectiveness of AI/ML models.
- Regulatory Compliance: Navigating regulatory requirements and ensuring compliance with data privacy and security standards is essential.
- Integration: Integrating AI/ML models with existing systems and processes can be complex and resource-intensive.
- Talent and Expertise: Accessing skilled talent and expertise in AI/ML is critical for successful implementation and management.
Conclusion
The adoption of advanced AI/ML-powered models is essential for fintech companies to stay competitive and meet the evolving needs of consumers. By leveraging the power of AI/ML, fintech companies can enhance efficiency, improve accuracy, and provide personalized services, driving innovation and growth in the industry.
Source of the news: New Indian Express
The post Fintech Needs to Adopt Advanced AI/ML-Powered Models appeared first on HIPTHER Alerts.
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